The government of Odisha has introduced a special incentive program aimed at fostering the growth of the stainless steel industry in the region. According to a government official’s statement, the initiative includes several key benefits:
To encourage the establishment of stainless steel production facilities and downstream units for fabrication and value addition, the government will provide a 20 percent capital subsidy for a duration of five years, without imposing any limit on the total capital investment.
The government will supply electricity to these units at a rate of INR 2 per unit. Additionally, these units will be exempt from paying any additional electricity duty.
In a move to promote the well-being of workers and reduce labor costs, the government will fully reimburse mandatory workers’ benefit schemes, including provident funds and employees’ health insurance. This reimbursement will help lower the overall wage expenses for stainless steel units established under this scheme.
